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Bailout Vote Shows Bush's Power Waning

Huge defeat contrasts with days of willing Congress

By Matt Cantor, Newser Staff

Posted Sep 30, 2008 6:56 AM CDT

(Newser) – The bailout bill’s failure to pass the House—due in large part to defectors from his own party—demonstrates President Bush’s flagging influence in Washington, observes the Washington Post. Bush’s “biggest legislative defeat” as president, it highlighted his tendency to rely... Read full story »

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Congress • Henry Paulson • bailout • George W. Bush • bill • financial crisis

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Bailout Gives Barney Frank Star Turn

Expertise makes feisty Mass. Congressman key to handling financial crisis

(NEWSER) - Through decades in Washington, Barney Frank has developed a reputation as a brainy, if less than polite, liberal attack dog. It’s been a bumpy ride for the House Financial Services chairman, including implication in a male-prostitution scandal, writes Michelle Cottle in the New Republic—but as Congress grapples with the financial crisis, the “pugilistic” Massachusetts Democrat is in his element, with “a shot at redemption.” More»

House Debate Heated as Bush Pushes Bailout

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(NEWSER) - President Bush called on lawmakers this morning to support the hotly-contested bailout bill as the House began debate and leaders on both sides of the aisle counted defections, Politico reports. ““Every member of Congress and every American should keep in mind: A vote for this bill is a vote to prevent economic damage to you and your community,” Bush said. He acknowledged fears about the bill’s cost, but said much of it would be paid back. More»

Deal Reached on Bailout

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(NEWSER) - Congress and the Bush administration have agreed on a preliminary plan for the $700 billion bailout bill, Washington leaders said after emerging from talks after midnight this morning. Though details need ironing out, “I think we're there,” announced Treasury Secretary Henry Paulson. Work was to continue with a vote possibly as soon as tomorrow, the Washington Post reports. More»

How the Bailout Talks Broke Down

Partisanship, an alternative plan undercut consensus

(NEWSER) - Hopes were high yesterday morning that a deal was imminent for Treasury Secretary Henry Paulson’s bailout plan, but a surprise GOP revolt at a tense summit with Bush and the presidential candidates scuttled the agreement, and plunged the capital into partisan bickering last night, the New York Times reports. The extraordinary meeting ended in disarray, with Paulson literally kneeling to beg House Speaker Nancy Pelosi not to "blow it up." More»

Paulson May Hit Congress for 2nd $350B Next Week

Treasury Secretary will face a tough audience as skepticism mounts

(NEWSER) - Further erosion of the economy may send Treasury Secretary Henry Paulson back to Congress for the second half of the $700 billion federal bailout next week, reports the Wall Street Journal. But skepticism over how the initial $350 billion is being administered, conflicting views on how to best use the fund, and concern about oversight may make it an uncomfortable trip. More»

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Bailout Vote Shows Bush's Power Waning

Huge defeat contrasts with days of willing Congress

Congress • Henry Paulson • bailout • George W. Bush • bill • financial crisis

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More Newser Stories

Bailout Gives Barney Frank Star Turn

Expertise makes feisty Mass. Congressman key to handling financial crisis

House Debate Heated as Bush Pushes Bailout

But whether bill will pass remains up in the air

Deal Reached on Bailout

Bill would address exec salaries, hold equity stake for taxpayers

How the Bailout Talks Broke Down

Partisanship, an alternative plan undercut consensus

Paulson May Hit Congress for 2nd $350B Next Week

Treasury Secretary will face a tough audience as skepticism mounts

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